oldandbold

Managed to finally sell house in the uk after 3 and 1/2 years, 90 k less than originally valued but thats another story.
Funds are in my Barclays account.
Wanted to transfer funds over here. Barclays say I have a 5K daily limit for transfer. My debit card however is unlimited. Unfortunately with HIFX and Ozforex over here you can only electronically transfer the funds, cant use the debit card to do it unlike when we did it in the UK.
"Can I put the limit up?"
" No. You could pop into your branch and talk to them"
"I am 12,000 miles away"
"That would make it a little difficult"
So, its looking like I will have to spend a month on the computer transfering 5K at a time, good thing I am not a millionaire.
The only other possability seems to try to get Barclays to do the transfer but that will lose me about $4,000 in exchange rate!!
Anyone else had this and got a way around it?

Swerv-o

Do you have a cheque book? I sent MoneyCorp a cheque to settle my Forex transfer with them, as it was well above my daily transfer limit. Moneycorp were happy to do this and extended the settlement date to include cheque clearance time.

Sometimes old tech is still good!


S

Turban Explorer

Send a letter via DHL to Barclays authorising the transfer of a larger amount. Done that lots of times with Oz Forex.

EvannTel

Agreed
I had exactly the same problem when woolwhich got taken over. I never had a problem with Woolwich so complained like mad when Barclays imposed the limit for my benefit having promised no change. In he end sent registered instruction per agreement with their complaints office and money was transferred plus 150 compensation for inconvenience

Toe Dipper

Do a deal with Forex, let them know that it will becoming over in several slugs, and they will release the money to you once the deal has been settled. Also, if you have several current accounts, set them up in anticipation of the money, so you can double the money transfer, assuming two accounts

I have done this several times without problems, but it only works for deals of tens of thousands.

Have fun!

TD

Craigh

You can get Barclays to do a telegraphic transfer in £ 's then it will be exchanged into $ your end , don't know if that would help with the exchange rate ....you would need to send that instruction in writing to Barclays charge is around £40 ...

Hope that helps! (wife works for them)

Chortlepuss

I had this problem with Lloyds - they want you to be in the country to transfer the money. They won't recognise my power of attorney and say I have to stick to under 10K gbp transfer. God knows what I'd need to do if I needed to transfer large amounts (I don't the exchange rate is too bad )

oldandbold

I have read that moneycorp would do 20k at a time, and can pay on the debit card so will give this a go.
Doing the telegraphic transfer through barclays would cost me around 4K in their poor exchange rate so will try to avoid that option.
Thanks for the replies.

Kiwipaul

I had a similar problem with a different bank and I used bpay to transfer the max on 10 consecutive days to OzforEx. You can set it up to pay the same amount to the same person for x consecutive days. It's like a regular payment.

I've now got my limit raised and it's no longer a problem.

rinkerdink

Hi,
Bit off topic but I thought you had to pay tax on transfers after being resident in Australia for 6 months? Is this true or is there a way to avoid this? I have had a meeting with a company called QROPS (or something similar) who told me they could help me to avoid any tax on exchange rate gains, sounds a bit iffy to me... What's the secret?

Kiwipaul

If it's called QROPS it could be it specializes in Pension transfers. Is this what you are doing

" A Qualifying Recognised Overseas Pension Scheme or QROPS is an overseas pension scheme that meets certain requirements in order that it can be recognised by Her Majesty's Revenue and Customs (HMRC). A QROPS can receive the transfer of UK Pension Benefits without incurring an unauthorised payment and scheme sanction charge"

rinkerdink

Yes, thats one of the services they provide but also they can help with money that has been held back in the uk due to current poor exchange rate and protect against taxes on any exchange rate gains apparently. The guy spoke about some legislation that is not widely known that allows all this to legally happen...

sassie

There are no tax liabilities on transferring money. Pensions may be different, I don't know, but standard transfers no tax is payable. The only tax liability is on any interest that you earn.

Kiwipaul

Sounds to me like they are trying to get a commission out of you for doing a simple money transfer that you could do yourself for free.

As others have said their are NO taxes on money transfers to Oz.

However strictly speaking you can be liable for any increase in the value of your capital due to exchange rate changes but this rule is designed for currency specultors or big buisnesses and you can generally safely ignore it.

Sarah Davie

I dealt with a couple a few months ago who had emigrated to Canada. In the same way as you, they had encountered sending transferring money from their bank account in the UK, the bank were requesting their physical presence however they were no longer in the country. As you can imagine they were fairly distraught at the thought of paying for a flight back to the UK.

I decided to investigate after all we have been working with thousands of people who have moved abroad and still transfer their money through to us.

I soon found this to be a common problem. Banks often request your physical presence to authorise large money transfers, or they require letters of authorisation. This can prove difficult when you’ve emigrated as far afield as Canada or Australia.

In the end I helped to resolve the issue; the couple sent a letter by courier to authorise the payment. Here is a list of other options they had available. This list is useful for before you leave your home country and once you have arrived. Using one of these methods will also help avoid international transfer fees imposed by your bank, there is no fee to send money from a UK Sterling account to a UK Sterling account.

Online banking – Check your daily transfer limit in advance, as this can affect your ability to send large sums. However, we can accept payment over a number of days and can book later transfer dates with this delay in mind. If your transfer limit is particularly low, ask if it can be increased.

Bank form – Complete and sign a transfer instruction form before you leave the UK. Your bank will probably ask you to specify in advance the date of transfer and the amount, which you may not know at this stage. Ask whether these details can be confirmed over the phone at a later date.

Letter – We recommend that you courier letters to your UK bank to ensure they can track communications appropriately.

Cheque – We can accept sterling cheques, but would again recommend a secure method of posting. We can book a deal as soon as we have received a cheque (which will take eight working days to clear).

Types of transfer – Banks offer various methods of transfer, for example CHAPS, BACS and ‘Faster Payment’. Please check costs and time frames with your bank, but if you are confused about any of these options, our payments team is always on hand to assist with any queries.

Online trading – You can register for our Moneycorp online system; here you can now buy currency and make overseas transfers 24 hours a day, 7 days a week. Through this system we can accept payment by debit card up to £20,000.

If you would like more information please contact me directly or check out our BE currency page